Written by Cheryl-Ann Phillips-Gonzales
Marketing Officer, Unit Trust Corporation Financial Centre
20th August 2009
ARE YOU READY? ARE YOU READY?
ARE YOU READY FOR RETIREMENT?
ARE YOU READY TO SEND YOUR CHILDREN TO UNIVERSITY?
ARE YOU READY TO BUY YOUR DREAM HOME?
ARE YOU READY TO PURCHASE THAT CAR?
ARE YOU READY FOR THAT EMERGENCY?
WHERE FINANCIAL GOALS ARE CONCERNED, A FEW OF US MAY BE PREPARED, BUT MANY OF US ARE NOT.
IN ORDER TO ACHIEVE OUR FINANCIAL GOALS WE NEED TO PLAN & BUDGET.
SOME QUICK TIPS ON SAVING –
- BUY IN BULK, IF YOU’RE A SMALL FAMILY BUY WITH FRIENDS AND/OR WITH OTHER FAMILY. MY MUM WOULD MAKE GROCERIES WITH TWO OF HER FRIENDS AND CERTAIN ITEMS THEY BOUGHT IN BULK BY THE CASES, THINGS LIKE CAN STUFF, TUNA, PEAS & CARROTS, CORN , TOILET PAPER, NAPKINS, JUICE, SUGAR, POTATOES ETC.
- USE FLUORESCENT BULBS INSTEAD OF INCANDESCENT BULBS, THEY HELP LOWER YOUR ELECTRICITY
WE ALL HAVE SHORT, MEDIUM & LONG TERM GOALS. SHORT TERM WE SAY WOULD BE UNDER 3 YEARS, MEDIUM WOULD BE 3-5 YEARS AND LONG TERM WOULD BE 5 YEARS AND OVER.
MOST OF US HAVE THE SAME FINANCIAL GOALS & WE CAN FIT THEM INTO THE CATEGORIES.
SHORT TERM WOULD BE EMERGENCIES. WE NEVER KNOW WHEN AN EMERGENCY WILL OCCUR.
DOWN PAYMENT FOR A CAR, SAVING FOR YOUR CARNIVAL COSTUME, SAVING FOR A VACATION, THE NEW CURTAINS FOR CHRISTMAS. THESE ARE ALL SHORT TERM GOALS.
A MEDIUM TERM GOAL WOULD BE SAVING FOR THE DOWN PAYMENT FOR YOUR DREAM HOME.
EXAMPLES OF LONG TERM GOALS WOULD BE SAVING FOR YOUR RETIREMENT AND YOUR CHILDREN’S EDUCATION.
SO ARE YOU READY?
HERE’S A REALITY CHECK, THAT LETS YOU KNOW IF YOU ARE READY …THE NUMBER OF PAY CHEQUES YOU HAVE LEFT TILL AGE 60.
IF YOU’RE 20 YEARS THE NUMBER OF PAY CHEQUES YOU HAVE LEFT ARE 480. THIS IS CALCULATED BY MULTIPLYING THE NUMBER OF YEARS TILL AGE 60 BY THE NUMBER OF MONTHLY PAY CHEQUES YOU RECEIVE PER YEAR, WHICH WOULD BE 40 YEARS X 12 = 480.
THEREFORE IF YOU’RE 40 YEARS OLD YOU HAVE 240 PAY CHEQUES, WHICH IS 20 YEARS X 12 = 240.
NOW THIS IS WHERE IT HITS MANY PEOPLE…IF YOU’RE 50 YEARS YOU HAVE JUST 120 PAY CHEQUES LEFT WHICH IS 10 YEARS X 12 = 120. YES IT SEEMS LIKE A SMALL NUMBER, THAT’S WHY IT’S VERY IMPORTANT TO START SAVING AND INVESTING EARLY. ALSO THE EARLIER YOU START THE LESS MONEY YOU NEED TO PUT OUT.
SO HERE’S WHERE WE AT UTC CAN HELP YOU WITH YOUR INVESTING.
WE HAVE THE TT$ INCOME FUND & US$ INCOME FUND FOR SHORT TERM INVESTING.
WE HAVE CHILDREN’S INVESTMENT STARTER PLAN (CISP) AND THE STUDENT INVESTMENT & PROTECTION PLAN (SIPP) FOR INVESTING IN YOUR CHILD’S FUTURE. CISP CAN BE USED TO INVEST FOR ANY CHILD, WHETHER IT’S YOU GOD CHILD, GRANDCHILD, NIECE, NEPHEW OR AN IMPOVERISHED CHILD. THE SIPP FUND HAS AN ACCIDENTAL INSURANCE BENEFIT TO IT THAT PROTECTS YOUR CHILD 24/7 365 DAYS ANYWHERE IN THE WORLD.
WE HAVE SEVERAL PENSION FUNDS, NAMELY UNIVERSAL RETIREMENT FUND (URF), INDIVIDUAL RETIREMENT UNIT ACCOUNT AND PESIONS PLUS, EACH CATERING TO YOUR SPECIAL NEED.
AND FOR DIVERSIFICATION AND LONG TERM INVESTMENT WE HAVE THE NORTH AMERICAN FUND.
IF YOU HAVE ANY QUESTIONS PLEASE FEEL FREE TO CALL ME AT 624-8648 EXT 7024.